Joining Together To Save Costs

The VML/VACo Finance Program allows Virginia local governments to take advantage of the economies of scale offered through pooled financing arrangements. The program allows local governments to pool their financings with other local borrowers in order to:

• Share, and thereby reduce, issuance costs, including underwriter's spread, bond rating, printing, and financial advisory, legal and trustee services;
  
  
• Negotiate long-term and volume discounted preferred pricing of bond ratings, printing, and financial advisory, legal, trustee, and arbitrage rebate services;
  
  
• Participate in bond issues of sufficient size to enable borrowers to achieve attractive pricing.

The VACo/VML Finance Program is a great way for you to take advantage of the benefits and volume discounts associated with most group purchasing programs. You can achieve dramatic savings for your locality, save yourself and your staff time, and benefit the residents of your community.

Program Administration

Administration of the VML/VACo Finance Program is the responsibility of the Virginia Local Government Finance Corporation, a non-profit corporation whose 13-member Board of Directors represents cities, counties, and towns across the Commonwealth. The Corporation's Board is charged with contracting for services, recommending approval for loans, and establishing program fees, rules, and timetables. Program Management, accountable to the Board of Directors, is here to help you with your financing needs and walk you through the municipal bond process. Ours is the only pooled financing program in Virginia designed for, and directed by, local governments.

The Issuer

Bonds and notes are issued by the Industrial Development Authority of the County of Stafford and the City of Staunton, Virginia. The IDA was created specifically by the two local governments to serve as the issuer in the VML/VACo Finance Program. The IDA also appoints members to the Virginia Local Government Finance Corporation upon the recommendations of VML and VACo leadership. The IDA is led by a seven-member Board of Directors appointed by the Stafford County Board of Supervisors and the Staunton City Council.